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Sadly, my husband has gambled our family into financial ruins-we are close to foreclosure or at least a short sale-we have a vacation home in Wisconsin that is paid for- can I quit claim deed it to our adult children so that I can claim bankruptcy in the future while protecting the only thing I have?My husband agrees to transfer this to our children.

info20 · Joined: 24 Sep 2011 Posts: 3 1.37 Dollars($)

Short Sale is the best way, lender can't go after you for other properties.
Even you quit claim, foreclosure still hurt your credit, because you or your husband is still on the loan.

jameshogg · Posted: Mon Sep 26, 2011 12:01 am Post subject:

Hi dianedaus,

You can quitclaim your vacation home to your children so that they become the owner of the property and the lender won't be able to come after it. As the property is free and clear, you can use a warranty deed in order to get the property transferred in the name of your children.

Thanks

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